Copy.
11/J.
795
CHART RED BANK OF INDIA, AUSTRALIA AND CHINA,
38, Bishopsgate, London, E.C.
2nd November, 1923.
Government on the matter and in these circumstances
I am to request that They may be favoured with the
observations of the Secretary of State upon the
arrangements which appear from the enclosed correspondence
to have been concluded between the Colonial Government
and the Chartered Bank.
I 201,
sir,
Your obedient Servant,
6 Wimages
The Lorde Commissioners
of His Majesty's Treasur”,
Whitehall, S.F.
My Lords,
re Tenth Supplemental Charter dated 15th April, 192,
For the information of the Lord Commissioners of
His Majesty's Treasury we enclose copy of a letter dated 20th
September, 1923, addressed to ourHongkong Manager by the
Colonial Secretary, Hongkong, together with extract from our
reply to our Hongkong Manager, relating to the security against
this Bank's Note Issue, You will note therefrom that it has
always been the Directors' policy to maintain an adequate
silver reserve against its Note issue, and that we have had
pleasure in instructing our Hongkong Lenager to arrange with
the Local Government to place on record that a Coinage reserva
of at least one-third of the Notes outstanding in the Colony
will be deposited under the absolute control of the Hongkong
Government.
I have the honour to be,
Your Lordships' most obedient Servant,
(Signed)
A.S. H?
Secretary.